At the southernmost point in the Continental United States, Key West is a dream vacation for many. The laidback island offers endless blue seas ideal for boating, Duval Street with a raucous nightlife, great dining with creative chefs, fresh, local seafood and charming Victorian architecture with a fascinating history. Located 150 miles south of mainland Florida and at just eight square miles of land, this remote destination is also known for expensive hotel prices with average daily room rates comparable to those in New York City and Hawaii.

In order to make the most of your vacation budget, it’s smart to consider all of your options when it comes to where you stay. In addition to hotels, vacation rentals are also a popular option and can save you money not only on accommodations, but also on dining out since you’ll have a full kitchen where you can prepare your own meals.

The first thing to take into consideration when you’re planning a Key West vacation is the time of year. In general, high season kicks off at the end of October with Fantasy Fest and runs through springtime. Shoulder season is early summer and early fall with the slowest time of year in August and September. There’s also a spike in occupancy during holidays like Christmas, New Year’s and Memorial Day Weekend, as well as during special events in Key West like Parrothead Weekend or Bike Week. Peak season hotel rates can be twice as high as low season.

If you’re visiting Key West during peak season or with a large group, then a vacation rental is definitely your best option. Preferred Properties offers a wide inventory of vacation rentals for every budget. Whether it’s a studio conch cottage for a couple or a six-bedroom historic mansion that sleeps up to 12 people, Preferred Properties has vacation rentals across the island from Old Town to New Town.

Many people prefer vacation rentals for the privacy and comfort of a home away from home with spacious accommodations, full kitchens, multiple bedrooms and even private swimming pools and backyards. When splitting the cost amongst a group of friends, you’ll almost always save on a vacation rental versus separate hotel rooms; and you can also cut costs by cooking some meals at home, especially breakfast.

Vacation rentals can also be a major money saver if you’re staying for an extended vacation. Whether it’s one week or one month, the cost of a long-term rental will almost always be more affordable than a nightly hotel rate for the same period of time.

Whatever brings you to Key West, there are plenty of accommodation options between hotels and vacation rentals. However, the island is a popular vacation destination and it’s always a good to book your vacation rentals well in advance!